Bitcoin breaks $60,000 for the first time since March 19! Analysts: A crash is coming

Bitcoin continued to rise, breaking through $60,000 per coin for the first time since March 19.

According to renowned forex expert Boris Schlossberg, the recent uptrend in Bitcoin prices could be short-lived and that “the entire cryptocurrency rally is getting older.”

“I think we’re probably very close to a mid-term high,” Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said in a recent interview.

One of the reasons that has recently driven the rise in Bitcoin prices is that payment service provider PayPal (NASDAQ: PYPL) announced that it will allow U.S. customers to use their cryptocurrency holdings to pay millions of online merchants around the world. One day before PayPal announced this news, another payment giant Visa (NYSE: V) said that it would allow payment activities to be settled directly through cryptocurrencies on the Ethereum blockchain.

Schlossberg noted that Bitcoin's high volatility could mean that transactions on platforms like PayPal would be "minuscule" compared to regular currencies. However, he believes Bitcoin is a better store of value than gold.